Tokyo stocks end lower 1.02%

Tokyo stocks closed lower Tuesday amid growing doubts about the likely effectiveness of the financial assistance euro-zone finance ministers agreed to offer to Spain's banking system. The Nikkei Stock Average ended down 88.18 points, or 1.02%, at 8,536.72. The Tokyo market, which surged the previous day, opened lower in the morning following overnight losses on Wall Street, according to (Nikkei) website. In the afternoon, the benchmark index trimmed its losses, supported by purchases on the International Monetary Fund's statement urging the Bank of Japan to take additional easing measures. The statement, released after the IMF's annual review of Japan's economy and economic policies, also said the yen is moderately overvalued. However, aggressive buying did not continue due to lingering concerns over the situations in Spain and Greece. (QNA)